Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩45,900, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 1,031% over the past three years. Tillkännagivande • May 08
ITCENGLOBAL CO., Ltd. announced that it has received KRW 40 billion in funding On May 8, 2026, ITCENGLOBAL CO., Ltd. closed the transaction. The bonds have zero coupon rate. The bonds will be convertible from May 8, 2027 to April 29, 2031. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩54,800, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 20x in the IT industry in South Korea. Total returns to shareholders of 1,261% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩53,100, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 1,111% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩46,900, the stock trades at a trailing P/E ratio of 48.2x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 983% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩70,500, the stock trades at a trailing P/E ratio of 72.5x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 1,358% over the past three years. Tillkännagivande • Mar 04
ITCENGLOBAL CO., Ltd., Annual General Meeting, Mar 31, 2026 ITCENGLOBAL CO., Ltd., Annual General Meeting, Mar 31, 2026, at 10:30 Tokyo Standard Time. Location: conference room, 117, gwacheon-daero 12-gil, gyeonggi-do, gwacheon South Korea Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩59,200, the stock trades at a trailing P/E ratio of 60.9x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 1,339% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₩43,600, the stock trades at a trailing P/E ratio of 44.9x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 926% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩35,900, the stock trades at a trailing P/E ratio of 36.9x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 771% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to ₩33,900, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 844% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩25,750, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 541% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩261 (vs ₩62.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩261 (up from ₩62.00 in 3Q 2024). Revenue: ₩1.73t (up 34% from 3Q 2024). Net income: ₩6.05b (up 324% from 3Q 2024). Profit margin: 0.4% (up from 0.1% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 72% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩22,200, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 454% over the past three years. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,500, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 480% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩18,860, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 434% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩17,380, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 345% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩15,200, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 273% over the past three years. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩16,260, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 279% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩21,300, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 433% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to ₩28,700, the stock trades at a trailing P/E ratio of 56.7x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 628% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩11,280, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 14x in the IT industry in South Korea. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩7,850, the stock trades at a trailing P/E ratio of 42.8x. Average trailing P/E is 15x in the IT industry in South Korea. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩6,300, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 13x in the IT industry in South Korea. Total returns to shareholders of 20% over the past three years. Tillkännagivande • Feb 28
Itcen Co., Ltd., Annual General Meeting, Mar 28, 2025 Itcen Co., Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 117, gwacheon-daero 12-gil, gyeonggi-do, gwacheon South Korea New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩6,850, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,070, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 15x in the IT industry in South Korea. Negligible returns to shareholders over past three years. New Risk • Dec 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (₩139.7b market cap, or US$99.6m). New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.3b (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (₩138.3b market cap, or US$98.5m). New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (13% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩7,290, the stock trades at a trailing P/E ratio of 55x. Average trailing P/E is 15x in the IT industry in South Korea. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,720, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 15x in the IT industry in South Korea. Total returns to shareholders of 15% over the past three years. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.1b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.02% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₩135.1b market cap, or US$99.8m). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: ₩32.00 (vs ₩85.00 in FY 2022) Full year 2023 results: EPS: ₩32.00 (down from ₩85.00 in FY 2022). Revenue: ₩2.82t (up 7.4% from FY 2022). Net income: ₩650.2m (down 62% from FY 2022). Profit margin: 0% (down from 0.1% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to ₩6,360, the stock trades at a trailing P/E ratio of 62.9x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩7,650, the stock trades at a trailing P/E ratio of 74.6x. Average trailing P/E is 24x in the IT industry in South Korea. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,680, the stock trades at a trailing P/E ratio of 71.6x. Average trailing P/E is 24x in the IT industry in South Korea. Total returns to shareholders of 49% over the past three years. New Risk • Dec 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (₩128.8b market cap, or US$98.2m). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,645, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 23x in the IT industry in South Korea. Total loss to shareholders of 14% over the past three years. Reported Earnings • Apr 04
Full year 2022 earnings released: EPS: ₩85.00 (vs ₩361 loss in FY 2021) Full year 2022 results: EPS: ₩85.00 (up from ₩361 loss in FY 2021). Revenue: ₩2.62t (down 20% from FY 2021). Net income: ₩1.70b (up ₩8.88b from FY 2021). Profit margin: 0.1% (up from net loss in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 03
Full year 2021 earnings released: ₩361 loss per share (vs ₩284 profit in FY 2020) Full year 2021 results: ₩361 loss per share (down from ₩284 profit in FY 2020). Revenue: ₩3.28t (up 44% from FY 2020). Net loss: ₩7.18b (down 229% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 28% share price gain to ₩5,880, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 23% share price gain to ₩7,640, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 23x in the IT industry in South Korea. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 22% share price gain to ₩6,430, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 27x in the IT industry in South Korea. Total returns to shareholders of 45% over the past three years. Is New 90 Day High Low • Feb 17
New 90-day high: ₩5,800 The company is up 8.0% from its price of ₩5,350 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩5,070 The company is down 6.0% from its price of ₩5,410 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 21% over the same period.